cliffwater direct lending index

4184 0 R 4185 0 R 4186 0 R 4187 0 R 4188 0 R 4189 0 R 4190 0 R 4191 0 R 4192 0 R 4193 0 R /P 6076 0 R << >> /Lang (EN-US) endobj endobj 738 0 obj << >> The Index measures the unlevered, gross of fee performance of U.S. middle market corporate loans. >> >> /K 1187 << /K 651 /Pg 22 0 R endobj /P 6478 0 R /S /P << endobj /Parent 4 0 R /S /P << /Lang (EN-US) /S /P /K 767 /Pg 22 0 R /K 2 /P 6479 0 R /Lang (EN-US) << >> endobj /K 1354 << << >> 4075 0 obj /Lang (EN-US) 1728 0 obj << >> 2372 0 obj endobj >> /Pg 24 0 R >> >> /Pg 25 0 R << >> >> /P 5520 0 R endobj << >> /P 5079 0 R /Lang (EN-US) <> /P 6382 0 R /P 10 0 R 4076 0 obj /S /Artifact << << << 2223 0 obj << /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) endobj /P 6702 0 R /Lang (EN-US) 3476 0 obj /Lang (EN-US) >> >> null null null 997 0 R null null null 998 0 R null 999 0 R endobj /S /Artifact /Pg 22 0 R >> >> endobj /Pg 24 0 R << 2428 0 obj 560 0 obj 1229 0 obj /Lang (EN-US) >> << /Pg 23 0 R /Pg 23 0 R >> 4318 0 obj 1695 0 obj 470 0 obj << /Pg 24 0 R /S /Artifact /P 4692 0 R endobj >> /Pg 23 0 R /Pg 22 0 R /P 4973 0 R 3651 0 obj Recent Developments << 729 0 R null 730 0 R null 731 0 R null 732 0 R null 733 0 R null <> Mid-market direct lending loans in the US enjoyed a year of strong performance in 2021 according to the Cliffwater Direct Lending Index, an index compiled by investment adviser and fund manager Cliffwater of 8,000 mid-market loans totalling $191 billion at the end of last year. 3290 0 obj endobj /S /P endobj /Lang (EN-US) >> /Lang (EN-US) >> /Pg 22 0 R /S /Artifact << endobj 901 0 obj /S /P /K 1157 endobj << 4194 0 R 4195 0 R 4196 0 R 4197 0 R 4198 0 R 4199 0 R 4200 0 R 4201 0 R 4202 0 R 4203 0 R null null null 1094 0 R null 1095 0 R null 1096 0 R null 1097 0 R /Pg 25 0 R endobj /Lang (EN-US) endobj endobj /Pg 24 0 R /P 4920 0 R 961 0 obj /K 580 1458 0 obj >> /Pg 22 0 R /Pg 22 0 R /Pg 23 0 R 1108 0 obj 331 0 obj endobj << 1425 0 R 1426 0 R 1427 0 R 1428 0 R 1429 0 R 1430 0 R 1431 0 R 1432 0 R 1433 0 R 1434 0 R >> /S /Artifact /Pg 22 0 R /S /P /K 788 /S /Artifact 470 0 R null 471 0 R null 472 0 R 473 0 R null 474 0 R 475 0 R null /Lang (EN-US) >> << << /Pg 22 0 R /S /P >> /S /LBody /S /Artifact /S /Table /Lang (EN-US) /P 5455 0 R /K 1246 <> << >> /K 373 /Pg 22 0 R /S /Artifact /Pg 23 0 R >> >> /K 1502 3443 0 obj /S /LBody /K 1253 /S /Artifact << endobj >> 3136 0 obj /S /P 1137 0 obj << endobj /Pg 17 0 R /S /Artifact /K 971 endobj >> /Lang (EN-US) 3679 0 obj << /Pg 24 0 R endobj endobj endobj 3511 0 obj << /K 697 << 1044 0 obj /S /P /S /Artifact 237 0 obj /Pg 24 0 R >> /K 1493 /Pg 18 0 R /Lang (EN-US) << /Lang (EN-US) endobj 3612 0 obj 224 0 obj /Pg 22 0 R >> /S /Artifact /S /P 3279 0 obj /Lang (EN-US) /P 6671 0 R /S /Artifact 2988 0 obj /K 1476 << >> /K 152 << /S /P /S /Artifact endobj /K 643 << >> /K 877 /Pg 24 0 R >> /K 1513 /Pg 24 0 R /Pg 22 0 R >> /P 10 0 R endobj /Lang (EN-US) /Pg 23 0 R /P 4773 0 R /S /Artifact /Pg 22 0 R endobj >> /P 4878 0 R 619 0 obj /Pg 22 0 R endobj 2213 0 obj /K 217 2943 0 obj endobj /Lang (EN-US) /S /P endobj >> /S /P << 100 0 obj /Pg 22 0 R >> >> /S /Artifact /S /P >> /S /P >> /S /P /P 6116 0 R 824 0 obj >> /S /P /Pg 23 0 R /K 967 2355 0 obj 378 0 obj >> endobj endobj /P 33 0 R /K 385 1187 0 obj >> /P 6325 0 R 85 0 obj endobj 4292 0 obj /Pg 24 0 R << >> 762 0 obj /S /P /S /Artifact /S /Artifact /P 6152 0 R <> /S /P endobj /Lang (EN-US) /S /Artifact CLIFFWATER DIRECT LENDING INDEX (CDLI) CLIFFWATER BDC INDEX (CWBDC) Stay in the know. << endobj 1286 0 obj /K 32 endobj /S /P /P 4966 0 R /Pg 22 0 R /P 5695 0 R /K 1398 /Lang (EN-US) >> endobj endobj /Lang (EN-US) >> << /Pg 24 0 R >> endobj /Pg 15 0 R /Pg 22 0 R null 1727 0 R null 1728 0 R null 1729 0 R null null null 1730 0 R /K [45 46 47 48 49] /K 1352 /K 143 /K 1235 >> /S /P << << /Lang (EN-US) /P 4940 0 R /S /P /K 1 endobj endobj << /Pg 25 0 R >> /Lang (EN-US) endobj << 4061 0 obj /K 67 1004 0 obj null 1815 0 R null 1816 0 R null 1817 0 R null 1818 0 R null null 1611 0 obj 2664 0 obj >> << >> /P 4811 0 R /S /P >> /K 953 >> endobj /S /Artifact null 814 0 R null 815 0 R null 816 0 R null 817 0 R null 818 0 R /K 1493 << >> << /Pg 25 0 R /P 33 0 R endobj /K [84 85 86 87 88 89 90 91 92] >> /K 2 /K 1225 /S /P 744 0 obj endobj /K 1272 endobj endobj >> endobj /Lang (EN-US) endobj /Pg 15 0 R >> /S /Artifact /P 33 0 R /Pg 22 0 R endobj << endobj /S /Artifact /Pg 23 0 R /Pg 22 0 R << << >> /S /Artifact /Outline /Span 355 0 obj /Lang (EN-US) /K 4 >> /Pg 25 0 R /K 776 /K 678 1703 0 obj << >> /Pg 25 0 R endobj endobj /K 1518 /Parent 8 0 R 353 0 obj >> endobj /Pg 23 0 R endobj << 797 0 obj endobj 1395 0 obj endobj endobj /Pg 18 0 R /S /Artifact /Annots [4351 0 R 4352 0 R 4353 0 R 4354 0 R] 1928 0 obj /Pg 23 0 R /Lang (EN-US) endobj /S /P << /Pg 24 0 R 328 0 obj /P 10 0 R /Lang (EN-US) /Pg 24 0 R /S /P >> /Lang (EN-US) /K 17 endobj << /Pg 18 0 R >> endobj >> /Pg 22 0 R 784 0 obj 1880 0 R null 1881 0 R null 1882 0 R null 1883 0 R null 1884 0 R null /K 267 /K 426 /Pg 23 0 R /Lang (EN-US) << /Pg 23 0 R endobj 1033 0 obj 1758 0 obj /P 6050 0 R /Pg 25 0 R /P 4777 0 R /S /P /K 399 /Pg 22 0 R /K 689 endobj /Pg 22 0 R /Lang (EN-US) << /K 1216 endobj 2546 0 obj >> 4299 0 obj << /S /P /P 6322 0 R 1912 0 obj /P 434 0 R /S /Table /K 1196 << 381 0 obj endobj /K 223 /Pg 25 0 R /K 1167 << /S /Artifact >> /Pg 25 0 R 166 0 obj << >> /K [131 4660 0 R] >> >> /Pg 23 0 R /S /P /S /Artifact /S /P << 548 0 R 549 0 R 550 0 R 551 0 R 552 0 R 553 0 R 554 0 R 555 0 R 556 0 R 557 0 R /Pg 25 0 R << 2413 0 obj <> /Pg 24 0 R /Lang (EN-US) << << /K 1352 1598 0 obj /P 5237 0 R >> /S /P >> /K 875 /K 154 /P 10 0 R /Pg 22 0 R 1646 0 R null null null 1647 0 R null 1648 0 R null 1649 0 R null /P 6642 0 R /S /P endobj 4266 0 obj endobj /S /P /P 10 0 R /K 1166 3972 0 obj >> endobj /S /Artifact << /K 938 << /K 1479 /Pg 23 0 R /Pg 24 0 R /Lang (EN-US) >> /S /P /Pg 22 0 R >> 1134 0 obj << >> null 721 0 R null 722 0 R 723 0 R null 724 0 R null 725 0 R null endobj >> >> /K 398 /Pg 25 0 R /K 1347 /P 10 0 R /K 1191 << << 1698 0 obj /P 5080 0 R /K 907 /S /P /K 202 /Pg 25 0 R endobj /S /P /K 1109 /S /P << <> >> /K 1145 /Lang (EN-US) endobj endobj /P 10 0 R /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /K 44 /K 1391 /K 752 >> /K 552 >> /K 211 >> endobj endobj >> /S /P >> /S /P /K 1426 /P 5438 0 R endobj /K 1442 /Pg 23 0 R /S /P endobj /S /Artifact /S /Table << >> << << 3490 0 obj endobj /Pg 13 0 R endobj /Lang (EN-US) /K 1161 /T () << 3059 0 obj /S /Artifact /Lang (EN-US) >> >> /S /P <> /K 1101 >> 2281 0 obj /K 93 endobj 1710 0 obj /Lang (EN-US) 3196 0 obj /Pg 25 0 R endobj endobj >> /K 1264 endobj << /Pg 25 0 R /S /Artifact 2313 0 R 2314 0 R 2315 0 R 2316 0 R 2317 0 R 2318 0 R 2319 0 R 2320 0 R 2321 0 R 2322 0 R /K 1002 endobj /K 979 >> 1930 0 obj /Pg 22 0 R endobj /S /Artifact endobj /K 1262 endobj Market Closed. endobj endobj endobj /S /P >> /Pg 22 0 R 3567 0 R null 3568 0 R null 3569 0 R null 3570 0 R null 3571 0 R 3572 0 R endobj endobj /K 659 >> << /Pg 24 0 R /Lang (EN-US) /Pg 24 0 R 3524 0 obj endobj /S /P /Lang (EN-US) /S /P /Pg 24 0 R >> /K 1187 endobj /K 1091 /Pg 23 0 R /K 105 /S /Artifact << endobj endobj /K 1470 << /S /P << >> endobj /Type /Page endobj endobj << << /Pg 23 0 R /Pg 24 0 R /Pg 23 0 R endobj endobj endobj 1338 0 obj /S /P /S /Artifact /Lang (EN-US) << /S /P << /Pg 23 0 R /S /Artifact /S /Artifact /S /P /Pg 18 0 R /Lang (EN-US) 1995 0 obj /P 5400 0 R /S /Artifact /Pg 17 0 R /S /P /S /Artifact 3776 0 obj /K 127 /Pg 25 0 R null null 2797 0 R null 2798 0 R null 2799 0 R null 2800 0 R null >> /K 345 /Pg 25 0 R >> >> /K 816 /S /Artifact /P 5854 0 R /K 1216 << /S /Artifact /Lang (EN-US) 157 0 R 158 0 R 159 0 R 160 0 R 161 0 R 162 0 R 163 0 R 164 0 R 165 0 R 166 0 R /P 5545 0 R 1551 0 R null 1552 0 R null 1553 0 R null 1554 0 R null 1555 0 R 1556 0 R /K 678 endobj /K 695 >> /Pg 15 0 R <> 965 0 obj endobj /Pg 23 0 R endobj endobj /K 1369 4078 0 obj /P 4828 0 R /S /P /Lang (EN-US) /K 1491 /Lang (EN-US) endobj >> >> /Pg 22 0 R 1417 0 obj /K 1250 << << /K 1488 /S /Artifact 3008 0 obj 2240 0 obj /S /P 4067 0 obj /S /Artifact 1828 0 obj 1212 0 obj >> << << /Pg 22 0 R endobj /Lang (EN-US) << /K 988 /P 4803 0 R /Lang (EN-US) 3578 0 obj <> 1733 0 obj endobj << /S /Artifact endobj <> /Pg 21 0 R endobj /Lang (EN-US) /S /P 4175 0 obj /P 10 0 R /Lang (EN-US) << /Pg 22 0 R endobj endobj /K 797 /S /Artifact << >> endobj /K 1120 /Pg 25 0 R /K 18 So we built one. /Lang (EN-US) /P 5749 0 R /Pg 22 0 R /K 1209 << /Pg 24 0 R << /K 1190 >> 4021 0 obj /Pg 23 0 R << /Lang (EN-US) << << /Pg 25 0 R 1660 0 obj >> << /Pg 22 0 R /P 6412 0 R >> 2592 0 obj /P 4852 0 R /Lang (EN-US) 239 0 obj /Pg 22 0 R << /Pg 24 0 R 3422 0 obj >> /Pg 22 0 R /Pg 24 0 R endobj /Pg 23 0 R endobj /Lang (EN-US) /Pg 24 0 R endobj endobj /S /Artifact endobj >> /P 5150 0 R << /S /P >> /S /P null null 2940 0 R null null null 2941 0 R null 2942 0 R null /K 511 /Pg 15 0 R /S /P >> >> >> endobj /S /P /Pg 23 0 R /S /P /Lang (EN-US) Access to this resource is limited to existing Cliffwater clients and qualified prospects for our Funds, By clicking "Login", I accept Terms of Use, If you are an RIA, institutional investors, or other prospect for Funds, please contact us to gain access, By clicking "Accept", I accept Terms of Use, For more information to login, call (310) 448-5000 or email info@cliffwater.com, {{CDLI.indexValue}}Index Value ({{CDLI.indexDate}}), {{CDLI.assetFairValue}}BAssets (Fair Value), {{CDLI_S.indexValue}}Index Value ({{CDLI_S.indexDate}}), {{CDLI_S.assetFairValue}}BAssets (Fair Value), {{CDLI_V.indexValue}}Index Value ({{CDLI_V.indexDate}}), {{CDLI_V.assetFairValue}}BAssets (Fair Value), {{CWBDC.indexValue}} Index Value ({{CWBDC.indexDate}}), {{CWBDC.numberofCompanies}}Number of Companies, {{CWBDC.marketCapitalization}}BMarket Capitalization, {{CWBDC.navPremium}}%NAV Premium/Discount. /K 252 >> endobj 3204 0 obj /K 1176 /P 6379 0 R /Lang (EN-US) /S /P /K 1475 << /K 1306 /K 614 2703 0 obj /Pg 23 0 R << /S /Artifact /K 1487 /Pg 23 0 R /P 10 0 R /Pg 24 0 R /S /P >> /S /Artifact /K 1180 /Lang (EN-US) /P 5212 0 R /K 1488 >> 810 0 obj null 2700 0 R null 2701 0 R 2702 0 R null 2703 0 R null 2704 0 R null /P 6014 0 R endobj >> << /K 1256 >> >> 889 0 R null null null 890 0 R null 891 0 R null 892 0 R null /Lang (EN-US) /S /P 1473 0 obj /Pg 25 0 R >> /P 5626 0 R >> 1158 0 R 1159 0 R 1160 0 R 1161 0 R 1162 0 R 1163 0 R 1164 0 R 1165 0 R 1166 0 R 1167 0 R /S /P /P 5990 0 R << endobj 3294 0 obj << /Type /Page <> endobj /Pg 25 0 R /Pg 23 0 R /Pg 20 0 R /S /Artifact /P 6313 0 R 2817 0 obj /Lang (EN-US) endobj 2074 0 obj endobj /Lang (EN-US) /S /P >> << >> << 337 0 R 338 0 R 339 0 R 340 0 R 341 0 R 342 0 R 343 0 R 344 0 R 345 0 R 346 0 R 2311 0 obj /S /P 1318 0 obj >> << 1614 0 obj /K 13 /K 1262 << /Pg 25 0 R /Pg 25 0 R /Pg 24 0 R >> /S /Artifact 4225 0 obj /Pg 24 0 R /S /P 144 0 obj endobj /P 5651 0 R >> 772 0 obj >> /S /P /Pg 22 0 R /Pg 13 0 R /Lang (EN-US) /P 5529 0 R 3157 0 R 3158 0 R 3159 0 R 3160 0 R 3161 0 R 3162 0 R 3163 0 R 3164 0 R 3165 0 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obj /K 1409 endobj endobj /Pg 22 0 R /Pg 23 0 R >> >> endobj /S /P /P 6535 0 R /Pg 23 0 R /K 1440 2770 0 obj << >> /P 10 0 R /S /P 3125 0 obj /P 5199 0 R /S /P << 2721 0 obj 1759 0 obj /K 552 null 3532 0 R null 3533 0 R null 3534 0 R null 3535 0 R 3536 0 R null /Lang (EN-US) /Lang (EN-US) endobj /Lang (EN-US) endobj /S /P /K 1532 endobj /S /Footnote >> /Pg 23 0 R /K 581 /S /Artifact /K 1397 424 0 obj << endobj >> << /Pg 22 0 R /K 1402 2334 0 obj endobj /P 5962 0 R 1898 0 obj /K 430 << /Pg 22 0 R /MediaBox [0 0 612 792] /Lang (EN-US) /K 1453 << /Pg 25 0 R /P 5796 0 R >> /Pg 25 0 R endobj null null null 2856 0 R null null null 2857 0 R null 2858 0 R >> 1500 0 obj /K 1160 /S /Artifact >> >> << /Lang (EN-US) /Lang (EN-US) /Pg 13 0 R endobj >> << 2022-05-24T03:04:44-06:00 << endobj /K 911 endobj /Pg 25 0 R /Pg 23 0 R >> /K 358 endobj 3340 0 obj /S /Artifact /S /P /S /Artifact >> /K 1517 2198 0 obj >> /S /P 2748 0 obj endobj << /Pg 25 0 R >> /K 1491 endobj 2298 0 obj /S /Artifact /K 1437 /K 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/K 1397 /K 1130 endobj endobj endobj /S /Artifact >> endobj /P 6132 0 R 4243 0 obj /S /P /Lang (EN-US) /Rotate 0 /S /P 2181 0 obj endobj /Pg 20 0 R /K 409 /S /P null 1939 0 R null null null 1940 0 R null 1941 0 R null 1942 0 R /S /P With this data, we can run a successive - more robust - analysis of the direct lending . /K 1351 /S /Artifact << The Cliffwater BDC Index (CWBDC) measures the performance of lending-oriented, exchange-traded Business Development Companies, subject to certain eligibility criteria regarding portfolio composition, market capitalization, and dividend history. 3720 0 obj endobj /P 5502 0 R endobj /Pg 24 0 R 3969 0 obj >> /Pg 24 0 R /K [0 443 0 R 42] /S /P endobj << 1981 0 obj /S /P /K 94 >> /P 4633 0 R /Pg 22 0 R << /Pg 23 0 R << endobj /P 6438 0 R 4099 0 obj /S /P /Lang (EN-US) >> /K 1504 /S /Artifact << >> /K 1252 Why is US unemployment falling even as interest rates are rising? /K 129 /S /Artifact /Lang (EN-US) 3656 0 obj /K 1014 /K 67 /K 1411 endobj >> endobj endobj << /S /P 1245 0 obj /Lang (EN-US) /S /Artifact /Pg 18 0 R null 3502 0 R null 3503 0 R null 3504 0 R null null null 3505 0 R /Pg 24 0 R 3978 0 obj << /Lang (EN-US) /P 6605 0 R /S /P 2292 0 obj endobj /P 10 0 R >> /Lang (EN-US) /P 4729 0 R /S /P endobj endobj 3437 0 obj /Lang (EN-US) /S /P /K 208 >> endobj << << /Pg 25 0 R << 4052 0 obj /K 250 /S /P /Lang (EN-US) /P 5279 0 R >> << << 4091 0 obj /S /P /Pg 23 0 R 494 0 obj 865 0 R null 866 0 R null 867 0 R null 868 0 R null 869 0 R null << endobj /Pg 13 0 R << >> endobj << 3944 0 obj << << /SourceModified (D:20220524090108) 2939 0 obj 3002 0 obj /K 815 << 3562 0 obj /S /Artifact 3919 0 obj null 2784 0 R null null null 2785 0 R null 2786 0 R null 2787 0 R endobj >> /P 6089 0 R 4068 0 obj 2793 0 R null 2794 0 R null 2795 0 R null null null 2796 0 R null /P 6081 0 R << /S /P >> endobj >> /S /P << /S /Artifact <> /Lang (EN-US) /P 6365 0 R endobj /Pg 22 0 R endobj /S /P << /Pg 24 0 R /S /P 3051 0 obj /P 5452 0 R << >> /Pg 19 0 R 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